On the daily time frame chart, the price action of Zilliqa has formed a bull flag. This flag is in fact a down channel. Within this channel, the price action has broken down the daily EMA 10 and 21 but having bounce from the support of the channel. The volume is also decreased.
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SMAs on the daily chart.
On the daily chart, the price action of Zil has broken down the 25 SMA and having good support of 50 simple moving average. The 50 SMA is at the same level where we have the support of the down channel.
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EMAs on the weekly chart.
On the weekly time period chart, the price action is testing exponential moving average 10 as a support.
Break out the down channel:
Now if we switch to the Zilliqa with Bitcoin pair, then on the long-term weekly chart, it can be seen that the price action has broken out the down channel and after re-testing now the price action is likely to move up. It is a quite good confirmation of a firm break out.
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Conclusion:
On the daily chart, the price action is behaving like a bull flag and in the Bitcoin market, it has broken out the big channel in the long-term. Therefore it can be possible that now the priceline of Zilliqa will start a major move to the upside from here.
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